Myriad Genetics (NASDAQ:MYGN) Lowered to “Hold” Rating by Leerink Partnrs

Leerink Partnrs lowered shares of Myriad Genetics (NASDAQ:MYGN) from a strong-buy rating to a hold rating in a research report released on Monday,Zacks.com reports.

A number of other equities analysts have also commented on MYGN. Piper Sandler dropped their price objective on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating on the stock in a research note on Monday, November 11th. Morgan Stanley dropped their price target on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Monday, November 18th. Wells Fargo & Company started coverage on shares of Myriad Genetics in a research note on Tuesday, August 27th. They set an “overweight” rating and a $35.00 target price for the company. UBS Group began coverage on shares of Myriad Genetics in a report on Tuesday. They set a “neutral” rating and a $18.00 price objective on the stock. Finally, Scotiabank lifted their target price on Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $25.42.

Myriad Genetics Stock Down 1.7 %

Shares of Myriad Genetics stock opened at $14.88 on Monday. Myriad Genetics has a 12-month low of $14.34 and a 12-month high of $29.30. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. The stock has a 50 day moving average price of $19.78 and a two-hundred day moving average price of $23.81. The stock has a market capitalization of $1.35 billion, a P/E ratio of -11.45 and a beta of 1.88.

Insider Activity

In other news, CEO Paul J. Diaz sold 15,000 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $22.93, for a total value of $343,950.00. Following the sale, the chief executive officer now owns 962,378 shares of the company’s stock, valued at approximately $22,067,327.54. This represents a 1.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Loomis Sayles & Co. L P boosted its stake in Myriad Genetics by 153.7% in the third quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company’s stock worth $59,973,000 after purchasing an additional 1,326,497 shares in the last quarter. Disciplined Growth Investors Inc. MN raised its holdings in shares of Myriad Genetics by 21.1% in the third quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock valued at $69,226,000 after buying an additional 440,107 shares during the last quarter. Iron Triangle Partners LP acquired a new position in Myriad Genetics during the 3rd quarter worth about $11,007,000. State Street Corp grew its holdings in Myriad Genetics by 8.3% during the 3rd quarter. State Street Corp now owns 4,703,442 shares of the company’s stock worth $128,827,000 after acquiring an additional 359,685 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its position in Myriad Genetics by 26.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,063,711 shares of the company’s stock valued at $29,135,000 after acquiring an additional 224,255 shares in the last quarter. 99.02% of the stock is currently owned by institutional investors and hedge funds.

About Myriad Genetics

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.